·The largest three individual stock positions are
Alphabet Inc., Apple, and Microsoft Corporation and they add up to ~14% of the
portfolio.

Jeremey Grantham’s 13F portfolio value decreased ~14% from $16.35B
to $14.08B this quarter. The portfolio is diversified with recent 13F reports showing
well over 500 different positions. The largest five stakes are Alphabet Inc.
(GOOG), Apple Inc. (AAPL), Microsoft Corporation (MSFT), Oracle Corporation
(ORCL), and United Health (UNH) and they add up to ~21% of the portfolio.

Note: In January, Jeremey Grantham predicted the market to
be in a melt-up (S&P 3400 to 3800 in short order). At the time, he thought
emerging markets were a safe bet. As a secondary recommendation, EAFE equities
were suggested.

Below is a spreadsheet that shows the changes to Jeremey
Grantham's GMO Capital 13F portfolio holdings as of Q2 2018. For a look at how the
portfolio has progressed, see our previous update: